No settlement yet
Lee-Chin gives update on negotiations for separating former top bosses
Former NCB Financial Group CEO Patrick Hylton (left) and his former deputy Dennis Cohen are yet to wrap up negotiations with the financial conglomerate on their separation packages.

THE NCB Financial Group is yet to complete negotiations with its former president and CEO Patrick Hylton and his deputy, Dennis Cohen, over the settlement in relation to their separation from the company.

At the centre of the negotiations is the size of the separation package for the two men who served the financial conglomerate for the last two decades, including what value the company should compensate the men for shares they were asked to surrender in July 2021.

Both men were asked to surrender 95.1 million shares valued at $13.8 billion at the time with the understanding that, over time, they would recoup that value.

Some were recouped in compensation for both men to the tune of $3.6 billion in the last financial year.

Former NCB Financial Group president and CEO, Patrick Hylton.

Hylton told the Jamaica Observer in July this year that he and Cohen were asked to consider amendments to their compensation and both made certain proposals in that regard.

However, with no agreement reached, both men were initially sent on a three-week vacation leave on July 17 during which time they were informed they would be separated from the company with negotiations started to facilitate that, while an interim CEO, Robert Almeida, was appointed.

"We are in the middle of negotiations still. We still have not yet completed it, but I am optimistic that we will come to an agreement that is mutually acceptable to them and to the institution," Michael Lee-Chin, the NCB Financial Group chairman, told the Business Observer.

The point of contention is what value to compensate Hylton and Cohen for the shares given they are valued at $6.6 billion now, roughly half the $13.8 billion they were valued over two years ago.

Lee-Chin would not be drawn on what an 'acceptable' separation package will look like for the institution or when negotiations could be completed, but instead reiterated, "we are negotiating," when asked for more clarity. He said he hopes the negotiations will be wrapped up soon, but said that depends on the other parties.

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